CURRENT AFFAIRS

Detailed explanation-1: -According to the policy, the companies will have to invest more than Rs 75 crore in the mega textile park and will be exempted from most of the provincial taxes. Chatwal said the companies will be fully exempted from Value Added Tax (VAT) on sales of goods and will also be provided a subsidy of Rs.

Detailed explanation-2: -The scheme, known as Mega Integrated Textile Region and Apparel (PM MITRA), was announced in Budget 2021 to make the textile industry globally competitive. It was given a budget of ₹4, 445 crore for seven years up to 2027-28. Seven such parks are due to be approved.

Detailed explanation-3: -Over 40 textile parks have come up since the scheme was introduced in 2005. Each integrated textile park (ITP) needs to form a Special Purpose Vehicle (SPV) with the representatives of local industry, Financial Institutions, State Industrial & Infrastructural Corporations and State & Central Government.

Detailed explanation-4: -New Delhi: In a move to make the country’s textile sector a manufacturing and export hub, and create global export champions, India will set up seven textile parks over three years under the scheme of mega investment textile parks which was announced in.